ACCOUNTING PRINCIPLES 122 5/16 >C<
17th Edition
ISBN: 9781323461471
Author: Horngren
Publisher: PEARSON C
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Chapter 1, Problem E1.27E
Using the
Learning Objective 4
Indicate the effects of the following business transactions on the accounting equation for Sam's Snack Foods, a supplier of snack foods. Transaction (a) is answered as a guide.
a. Sam's Snack Foods received cash from owner and gave capital.
Answer: Increase asset (Cash); Increase equity (Sam, Capital)
b. purchase of land for a building site.
c. Paid cash on accounts payable.
d. Purchased equipment; signed a note payable.
e. Performed service for a customer on account.
f. Employees worked for the week but will be paid next Tuesday.
g. Received cash from a customer on
h. Borrowed money from the bank.
i. Owner withdrew cash.
j. Incurred utilities expense on account.
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Chapter 1 Solutions
ACCOUNTING PRINCIPLES 122 5/16 >C<
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
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